Full Title: Further Implications of Managerial Capitalism - YouTube
Creator: Academic Agent
Publication Date: March 3, 2020
Series: On Managerial Elites - YouTube
This video explores the control exerted by managerial elites, clarifies the separation of ownership and control, the implications of dematerialization, and the potential shift towards a socialist state within the framework of managerial capitalism.
The major ideas related to managerial elites and their influence in modern society:
Managerial Elites and Control:
• Managerial elites have gained control across government, corporations, and media in Western liberal democracies.
• This control is attributed to the mass and scale of operations that require technical managerial skills.
Dispersed Ownership and Mass Stock Holdings:
• AA highlights how managerial elites achieve control through dispersed ownership and mass stock holdings.
• A few major asset management firms own a significant portion of mass corporations (see Blackrock, Vanguard, etc), while small and medium firms are often overlooked.
Ownership vs. Control:
• There is separation of ownership and control due to the rise of passive investors.
• Traditional owners are concerned with profit, while managers prioritize growth.
• Look at those who control Blackrock, Vanguard, etc.
Fusion of Government and Corporations:
• There is a near-total fusion of government and corporations by managerial elites, resulting in blurred lines between the public and private sectors.
• Look at how the Cabinet-level positions are filled by Democrats, and then when the reigns of power change hands, they just go back to the "private sector" where they continue working hand-in-hand with the Democrats.
Dematerialization of Ownership:
• The concept of dematerialization: highlights how the capitalist process replaces physical ownership with share ownership, leading to diminished moral allegiance and detachment from property.
- Examples of Dematerialization: Look at the transformation of companies like Disney and Star Wars under managerial elites' control, as well as the shift to subscription-based models in various markets.
Challenge to Austrian School of Economics:
• AA suggests that the dematerialization of ownership challenges the principles of private property upheld by the Austrian School of Economics.
Socialist Interpretation of Capitalism's Contradictions:
• Julius Evola's viewpoint on capitalism's contradictions and how socialist regimes claim to address the individual's enslavement to material consumption.
Totalitarian Tendencies in Managerial Capitalism:
• AA argues that managerial capitalism, akin to left-wing capitalism, is leading towards a totalitarian socialist state under the guise of liberal democracy.
• Traditional political labels are becoming irrelevant in this context.
Revolution of Elites:
• In conclusion: a significant shift in power and a revolution of elites across various levels of society are necessary to alter the current trajectory.
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